Try to open AlternateWatch/Binaries/Win64/AlternateWatch-Win64-Shipping.exe instead. I had the same problem before I found this way, even though I'm running this game on linux.
For who can't run AlternateWatch.exe at wine/proton in Linux, just open AlternateWatch/Binaries/Win64/AlternateWatch-Win64-Shipping.exe instead. It's working very fine on my local after I found this way.